Various types of magnetic tool holders are known in the prior art. Some of the tool holders include magnets coupled to the outer surface for holding work items while other magnetic tool holders have magnet configurations which limit the attachment of tools at different angles and positions on the tool holder. At least one known tool holder provides a holder which is attachable to a belt, but does not contain magnets in the belt itself. However, what is needed is a magnetic tool belt and wrist strap kit providing length-adjustable, padded holders for ferrous hand tools and related hardware and accessories with the holders to be worn around a wearer's waist and wrist, respectively. Each of the waist belt and wrist strap bodies has a centered portion with tapered portions on each side thereof. Magnets arranged within each body permit magnetic attachment of ferrous hand tools and related hardware and accessories in a wide variety of locations, angles, and positions thereon. Vertical tubes on a front side of the waist belt body permit storage of screwdrivers or similar items therein. An attachable u-shaped frame centrally disposed on the front side of the waist belt body is provided to support a plaster mud pan thereon.